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The stocks making the biggest moves in premarket trading include Goldman Sachs, Bank of America, GE, and more.
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 Shares of ODP Corp. slipped 1.1% in premarket trading Tuesday, after The Wall Street Journal reported that the office supplies retailer has rejected an unsolicited buyout proposal by rival Staples, which is owned Sycamore Partners. The buyout bid of $40 a share in cash, announced last week, valued ODP at more than $2 billion. The WSJ report, citing a letter it reviewed, said ODP has determined that rather than a sale, it prefers a sale of its retail and consumer-facing e-commerce operations. Staples' latest bid marks the third attempt to acquire its rival, as the WSJ reported. ODP's stock has more than doubled (up 113.8%) over the past three months through Friday, including a 24.1% gain last week, while the S&P 500 has advanced 10.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Stock Futures Rise Ahead of Yellen's Testimony The Wall Street JournalJanet Yellen Readies Big Changes for Treasury The New York TimesGlobal Markets Push Higher Ahead of Yellen's Senate Testimony Barron'sThe Debt Question Facing Janet Yellen: How Much Is Too Much? The Wall Street JournalDollar retreats from one-month high as traders eye Biden's FX policy Reuters
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 Stock-market index futures on Tuesday are set to rally, with investors looking ahead to the inauguration of President-elect Joe Biden and fourth-quarter quarterly results set to kick into higher gear, featuring the likes of Bank of America, Goldman Sachs Group and Netflix. Markets were closed on Monday in observance of the Martin Luther King Jr. holiday.
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PetMed Express Inc. stock slumped 8.6% in Tuesday premarket trading before rebounding to a 2.1% decline after the pet pharmacy reported fiscal third-quarter profit that missed expectations. Net income totaled $7.6 million, or 38 cents per share, up from $6.8 million, or 34 cents per share, last year. Sales totaled $65.9 million up from $59.9 million last year. The FactSet consensus was for EPS of 39 cents and sales of $64.3 million. Average order size rose to $88 from $85, according to a statement from PetMed Chief Executive Menderes Akdag. And the company declared a quarterly dividend of 28 cents per share, payable on Feb. 12, 2021 to shareholders of record as of the close of business on Feb. 1, 2021. PetMed stock has gained 27.4% over the past year outpacing the S&P 500 index , which is up 13.2% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of Bank of America Corp. slipped 0.2% in premarket trading Tuesday, erasing earlier gains, after the bank reported a fourth-quarter profit that beat expectations but revenue that fell short, as global markets revenue rose less than forecast. Net income fell to $5.5 billion, or 59 cents a share, from $7.0 billion, or 74 cents a share, in the year-ago period. The FactSet consensus was for earnings per share of 55 cents. Total revenue declined 10.1% to $20.10 billion, below the FactSet consensus of $20.58 billion, as net interest income fell 15.5% to $10.25 billion to top expectations of $10.24 billion. Consumer banking revenue fell 13.4% to $8.24 billion, above the FactSet consensus of $8.13 billion, while global markets revenue increased 14.1% to $3.91 billion but missed expectations of $4.10 billion. Equities revenue rose 30% to $1.3 billion, while fixed income, currencies and commodities (FICC) revenue decreased 5% to $1.7 billion. Global banking revenue fell less than forecast and global wealth and investment management revenue declined in line with expectations. "In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity," said Chief Executive Brian Moynihan. Earlier, the bank said it had authorized a stock buyback program of $2.9 billion through March 31. The stock has rallied 39.2% over the past three months through Friday, while the SPDR Financial Select Sector ETF has climbed 25.7% and the S&P 500 has gained 10.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Copper-exposed stocks could be set to surge in 2021 and a buying opportunity may be around the corner, Morgan Stanley analysts said on Monday.
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A new machine-learning model can predict how the prices of stocks will behave based on whether or not analyst forecasts are too optimistic or too pessimistic, says Wharton's Jules H. van Binsbergen.
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